During a silent auction, bids are written on a sheet of paper commonly placed before or next to the item. At the predetermined end of the auction, the highest-listed bidder wins the item. This auction is often used in charity events, with many items auctioned simultaneously and "closed" at an expected finish time. The auction is "silent" in that no auctioneer sells individual items. At charity auctions, bid sheets usually have a fixed starting amount, predetermined bid increments, and a "guaranteed bid, " which works the same as a "buy now" amount. Many non-profits have turned to silent auctions either as stand-alone events or as a way to maximize the revenue from an ongoing fundraising event.
A silent auction is not for everyone. Remember that to raise much money, your silent auction will either need many items to auction off or a ton of attendees bidding on a few high-end items. A silent auction is hard work: either you must spend lots of time digging up a few large items and lots of well-heeled attendees, or you must find many small items and track them throughout the process. No matter how you cut it, silent auctions are time and staffing intensive. Before planning your auction, decide if the return is worth your organization's investment of time, people, and resources.
Also, remember that silent auction events take some years to hit full stride. You may only auction off 5-10 items in your first year. As retailers and business owners get involved with your event year after year, more and more of them will become "regulars."
If you want to organize a non-profit silent auction, the following things will significantly impact your financial success during the event:
To conclude, non-profit silent auctions will bring substantial income at low costs, irrespective of the level or size at which they are conducted. However, they may take years to pan out.
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